Venezuela Awards Natural Gas Exploration Rights

Wednesday, November 16, 2005
Venezuela awarded natural gas exploration rights for two areas in the Gulf of Venezuela to Italian energy company ENI SpA, Spanish-Argentine firm Repsol YPF, Brazil's Petrobras and Japan's Teikoku Oil Co., according to a NewsFromRussia report. ENI and Repsol combined to offer a winning bid on one area of $34.4 million, while Petrobras and Teikoku won rights to another area with a bid of $19.5 million. Rights to a third area were awarded to Venezuela-based Vinccler Oil and Gas, which offered a bid of just under $7.4 million, according to the report. The offshore natural gas project involves 29 areas spanning 30,000 square kilometers (12,000 square miles) in the Gulf of Venezuela. The area's reserves have yet to be proven, but they are estimated at some 24 billion cubic ft. (720 million cubic m). The South American country has sold a total of six licenses to explore for and extract natural gas off the western city of Maracaibo, including two in September to Russian oil firm OAO Gazprom and Chevron Corp. In the six offshore zones, Venezuela expects the companies to invest nearly $200 million during the next four years. Source: NewsFromRussia
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

China Appeals WTO Ruling on US Solar Panel Dispute

China has appealed against a WTO dispute panel report on anti-dumping duties applied on certain Chinese products by the United States, the World Trade Organisation (WTO) said on Friday.

WTO Rules Against Argentina Licensing Rules in Row with US, EU, Japan

A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against

Odfjell 2Q Results In Line with Expectations

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0868 sec (12 req/sec)